this post was submitted on 13 Jan 2025
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A Boring Dystopia
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Did... did they just reinvent credit cards from first principles? Just without the card?
Honestly these microloan apps are arguably less predatory than credit cards because they usually give you three months to pay and don't charge interest as long as you make those payments.
It's still absolutely predatory as fuck, but if you are poor credit cards are just way fucking worse.
How do these apps make money then?
Right now they probably don’t. Get people talking about how great they are so they get new customers. Then 3 months becomes 1 month and interest doubles. Dont worry they’ll make their money